The bill requires the board of trustees (board) of the public
employees' retirement association (PERA) to retain an organization withexperience in public sector pension plans to conduct a study to analyzeany climate-related financial risk to the total assets of PERA (fund). Theboard is required to administer a competitive selection process to solicitunbiased and independent third-party organizations with the necessarycredentials to bid for the study and to enter into a contract with theselected organization.
The organization selected by the board is required to include the
following in its study:

A comprehensive analysis of the climate-related financialrisk of PERA's portfolio and the exposure of the fund tolong-term risks;

A summary of climate-related financial risk-relatedengagement activities undertaken; and

A description of additional action that should be taken, orplanned to be taken, by the board to address climate-relatedfinancial risk, including a list of proxy votes andshareholder proposals initiated by the board.
The board is required to deliver a report to the general assembly
detailing the findings of the organization's analysis.